More gains likely for Jamaican Dollar

The Jamaican dollar hit a low of $151.27 against the US dollar in August and has rebounded since to trade at $145.3 on Wednesday with one technical indicator showing that it could appreciate further.
The local currency has been on an upward rise since December 2018 as it meanders slowly upwards to hit the low point in August. At the low, traders pushed it beyond the channel top, after moving within the channel as depicted by the yellow lines. It could return to the support line at around $138 later in the year but it could face resistance at the $144 region that it is within reach of currently.
In Wednesday’s trading, dealers sold $64.8 million at $145.306 having bought US$55.8 million at an average rate of $144.43.  In trading, Scotia Bank bought US$8.5 million more than they sold. First Global, JMMB Bank, National Commercial Bank and Victoria Mutual Building Society sold far more US dollars than the bought.